CHICAGO (Bloomberg) ? Allstate Corp., the second-largest home and auto insurer in the US, cut chief executive officer Edward Liddy?s pay ten percent to $11.1 million in 2005.

Liddy?s bonus plunged 85 percent to $538,351, and his long- term incentive pay fell 30 percent to $1.62 million, Allstate said in a regulatory filing. The company increased salary and stock options for the 60-year-old CEO.

Allstate?s net income fell 45 percent to $1.77 billion last year as a record hurricane season contributed to $5.67 billion in pretax catastrophe claims.